To exchange one currency for another at an agreed Exchange Rate on an agreed date for a particular amount is termed as Forward contract which enables you in faster, secure and error free execution of deal.
Forwards is an ideal hedging solution for you when you have strong view on currency movement, whereas Options helps you in protecting your downside while providing you the flexibility of upside in case of favourable movement. In this way both forwards & options helps in safeguarding your foreign currencies (payable & receivables) against a fluctuating currency rate.
How Forwards work
How Options work